plummet and slump, Sharp Economic Slump

Retail Sales Plummet

Price-slashing failed to rescue a bleak holiday season for beleaguered retailers, as sales plunged across most categories, according to new data.

BLOOMBERG.COM

Singapore Expects a Sharp Economic Slump in 2020 as It Grapples With Virus

Singapore’s economy contracted the most in a decade in the first quarter, a sign of the pain to come for other Asian nations.



plummet 
verb [I]
to fall very quickly and suddenly:
House prices have plummeted in recent months.
Several large rocks were sent plummeting down the mountain.
She fell from the top of the slide and plummeted to the ground.
Japanese confidence plummets
Financial Times - London,England,UK
By Michiyo Nakamoto in Tokyo Business confidence in Japan has slumped to its lowest level in more than two years as concerns rose about a higher yen and ...

slump (REDUCE SUDDENLY)
(of prices, values or sales) to fall suddenly:
The value of property has slumped.
Car sales have slumped dramatically over the past year.

slump  [C]
1 a fall in the price, value, sales, etc. of something:
There's been a slump in the demand for new cars.

2 a period when an industry or the economy is in a bad state and there is a lot of unemployment:
an economic slump
The airline industry is currently in a slump.