What is the meaning of recession?

noun

• The state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year.
• A small concavity.
  • synonyms: recess, niche, corner
• The withdrawal of the clergy and choir from the chancel to the vestry at the end of a church service.
  • synonyms: recessional
• The act of ceding back.
  • synonyms: ceding back
• The act of becoming more distant.
  • synonyms: receding