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What does Comecon mean?

Looking for the meaning or definition of the word Comecon? Here's what it means.

Proper noun
  1. Abbreviation of Council for Mutual Economic Assistance, a multinational economic organization that existed in the Eastern Bloc from 1949 to 1991.
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This helped them to enjoy rapidly improving economies, while those states in COMECON were struggling in a large part due to the cost of the Cold War.
Later, the Comecon supplied aid to the eventually victorious Communist Party of China, and saw its influence grow elsewhere in the world.
Comecon and the Warsaw Pact were dissolved, and in 1991, the Soviet Union ceased to exist.
While it did not repudiate either Comecon or the Warsaw Pact, it ceased to play a significant role in either.

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