The International Air Transport Association (IATA) has announced a revised global financial forecast predicting airline losses totaling $11bn in 2009, raising an earlier loss forecast of $9bn due to rising fuel prices and exceptionally weak yields. Industry revenues for the year are expected to fall by $80bn (15%) to $455bn compared with 2008 levels. However, IATA has improved its outlook for Middle East carriers by reducing its earlier losses forecast by $1bn to only $500m. Middle East carriers will continue to gain long-haul market share with expanded capacity and hub connectivity, the international body said. The weakness of economic recovery, however, could mean continued excess capacity and further losses, IATA noted.