THE International Air Transport Association (Iata) on Monday paid tribute to Minister Mentor Lee Kuan Yew's unique vision and leadership in founding one of the airline industry's strongest carriers and most efficient airports, at its Annual General Meeting in Kuala Lumpur.
The association, which represents 230 airlines worldwide, also awarded Mr Lee its Global Aviation Leadership Award.
MM Lee will meet Iata delegates for a dialogue later on Monday.
Earlier, the association said the world's airlines will collectively lose US$9 billion (S$13.1 billion) this year - nearly double the previous projections - and face a slow recovery as the economic crisis saps air travel and cargo demand.
Iata raised its loss estimate from the US$4.7 billion it forecast in March, reflecting a 'rapidly deteriorating revenue environment.'
Although there has been growing signs of a bottoming out of the recession, Iata said the industry was severely hit in the first quarter with 50 major airlines reporting losses of more than US$3 billion.
Weak consumer confidence, high business inventories and rising oil prices pose headwinds for future recovery, the association said during a two-day global aviation conference in Kuala Lumpur.
Revenues are expected to decline by US$80 billion - an unprecedented 15 per cent from a year ago - to US$448 billion this year, and the weakness will persist into 2010, it said.
