Present given in the recession (4)
I believe the answer is:
here
'present' is the definition.
('here' can be similar in meaning to 'present')
'in the recession' is the wordplay.
'in' indicates a hidden word.
'HERE' is hidden within 'the recession'.
'given' acts as a link.
(Other definitions for here that I've seen before include "final clue?" , "At this stage" , ""___ be dragons" (old map inscription?)" , "In attendance" , "Hither" .)