London (CNN Business) The coronavirus pandemic is plunging the global economy into its deepest slump since the Great Depression of the 1930s and governments and health officials must work together to prevent an even worse outcome.

That's the stark warning from the International Monetary Fund, which said on Tuesday there was a risk of the recession extending into 2021 if policymakers fail to coordinate a global response to the virus.

In its latest outlook for the world economy, the IMF said it expects GDP will contract by 3% in 2020, a far worse recession than the one that followed the global financial crisis of 2008, and a 180-degree reversal of its previous forecast in January when it was expecting growth of 3.3% this year.

"The Great Lockdown, as one might call it, is projected to shrink global growth dramatically. A partial recovery is projected for 2021 ... but the level of GDP will remain below the pre-virus trend, with considerable uncertainty about the strength of the rebound," the IMF said. "Much worse growth outcomes are possible and maybe even likely," it added.