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Speaking to the Daily Mail newspaper, Mr Zoellick predicted that the global economy would shrink by up to one per cent this year and said that central and eastern European countries are particularly vulnerable.
He commented: "We haven't seen numbers like that since World War Two, which really means the 30s. So these are serious and dangerous times."
Mr Zoellick also said that trade will probably fall at it fastest rate for eight decades.
"Stimulus plans will be like a sugar high unless you fix the banking system," he said.
The World Bank is the sister institution of the International Monetary Fund and offers loans, advice and various customised resources to more than 100 countries around the world.
Recently, the governor of Ireland's central bank said the country's economy will contract by more than six per cent this year.
