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The purpose of this research article is to provide the fresh evidence on the link between energy consumption (ENE) and economic growth (GDP) while controlling for the impact of CO 2 emissions (CO) in the case of Gulf Cooperation Council (GCC) countries. To conduct the empirical study we have employed the panel VAR methodology in the period 1980-2014. The results suggest that economic growth increases the ENE. However, the negative link between CO 2 emissions and economic growth is reported, implying the great awareness of the GCC countries on the environmental problems connected with the fossil fuels based energy. Thus, there is a serious incentive in these countries to deal with the potential environmental issues. One of the good alternatives is renewable energy. In addition, the increase in the energy efficiency is considered to be an important task in the future.

This paper applies panel data regression model to investigate the relationship between foreign direct investment (FDI) and tourism in 113 countries during the period 1995-2015. Besides this, the paper attempts to research the potential causal relationship and cointegration between tourism industry and FDI while controlling for indicators such as consumption, trade openness and human capital. The obtained results indicate a significant positive impact of tourism on FDI. Moreover, three control variables are reported to be a significant determinant of foreign direct investments. The unidirectional causal relationship running from tourism to FDI is reported, implying that tourism allows these countries to expand their FDI. Consumption, trade openness and human capital are also reported to have a unidirectional causal relationship with FDI. Westerlund ECM panel cointegration test indicates mixed results on the cointegration between variables. Taking into account the obtained results, government can consider this relationship as an important tool for policy implication to achieve sustainable growth of the economy as well.