Billionaire Paul Singer’s Elliott Management said global stocks could tumble further, ultimately losing half or more of their value from February's high, as the world braces for the deepest recession since the 1930s-era Great Depression.

The New York-based hedge fund firm, in a letter to clients seen by Reuters, wrote that the sharp market decline seen between late February and late March "provided a heavy bookend to a dozen years of basically nonstop positive returns in global stocks, bonds and real estate."

Paul Singer's hedge fund Elliott Management is predicting sharemarkets to plunge. Credit:Bloomberg

And the rout is likely not yet over.

"Our gut tells us that a 50 per cent or deeper decline from the February top might be the ultimate path of global stock markets,” said Elliott, which controls $US40.4 billion ($63.5 billion) in assets and is closely watched for its views on markets and economics.