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.

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Airlines to lose US$9b