The phrase "sharp decline" refers to a significant and rapid decrease in something, often used to describe a sudden drop or fall. It can be applied to various aspects such as economic indicators like stock market values, sales figures, or employment rates; or it could refer to the condition of an individual's health, environmental conditions, or other measurable phenomena that experience a significant decrease in value over time. The term "sharp" indicates that the decline is sudden and dramatic rather than gradual, indicating a rapid change from one state to another.