Definitions of retract
to admit (especially publically) that a statement you have made was false
The paper apologised in court, retracted the allegations and agreed to pay most of the costs.
to take back an offer or a statement etc
China has already retracted a proposal to open the telecommunications market to foreign ownership.
to take something back, take something away or reduce something
The economy has retracted by 1.5% in the last 12 months.