Meaning

noun the state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year

noun a small concavity

noun the withdrawal of the clergy and choir from the chancel to the vestry at the end of a church service

originBorrowed from Latin recessiō, from recēdō (“recede, retreat”), from re- (“back”) + cēdō (“to go”). By surface analysis, recess + -ion.

Etymology from Wiktionary, CC BY-SA 3.0