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The phrase "death spiral" is correct and commonly used in written English.
It describes a situation or process of continual decline or deterioration, often leading to eventual failure or collapse. Example: The company's financial troubles have caused it to enter a death spiral, with declining sales and mounting debt leading to eventual bankruptcy.
Dictionary
death spiral
noun
The downward, corkscrew-motion of a disabled aircraft which is unrecoverably headed for a crash.
synonyms
Exact(59)
Death spiral?
It's a death spiral".
The death spiral continues.
Iran's death spiral continues.
Result: a death spiral.
Fears of this "death spiral" are legitimate.
Utility executives call this a "death spiral".
Otherwise known as a death spiral.
And so the death spiral continues.
This is called a "death spiral".
"That is the death spiral".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com