A refuge when there's a recession (7)
I believe the answer is:
retreat
I believe this clue is a double definition.
'a refuge' is the first definition.
(thesaurus)
'there's a recession' is the second definition.
(thesaurus)
'when' is the link.
(Other definitions for retreat that I've seen before include "Back away" , "unhappy manoeuvre" , "hermitage, perhaps" , "Pull back" , "It may be secluded" .)