After hearing "alarming stories" of people losing their jobs and their homes because of the economic slowdown, it was decided more needed to be done, Dr James said.
"We are going to do what cathedrals have always done in times of hardship - be a place of hope."
A special 15-minute service dedicated to the recession would be held weekly at 12.15pm, from Wednesday, May 27, "until the recession ends".
"We will pray for the businesses and those under pressure and we hope business leaders, civic leaders and members of the pubic will join us."
People would be able to light a candle, and information from social services agencies would also be available, he said.
Church leaders from other denominations would be invited to lead the weekly prayer at the cathedral, which is open to everyone.
"Prayer changes us. Every prayer is answered but not always in the way we would like it to be."