This study examines the multivariate Granger causality between energy consumption, exports, GDP, and inbound tourism in Singapore and South Korea. Unit root test, co-integration test, and Granger causality test are employed for investigating the direction of causality by using the annual data from 1980 to 2010. The two-way causal correlations between exports and inbound tourism as well as bidirectional relationship between economic growth and inbound tourism are found in Singapore. Furthermore, there is a unidirectional causality running from energy consumption to exports and to economic growth also. In case of South Korea, the greater energy consumed, the better enhanced economic grown and vice versa. In addition, this study revealed that there is a unidirectional causality running from energy consumption to exports’ expansion and then economic growth will positively influence on exports. For policy implication, government of both countries should pay attention to energy issues and invest in the research development of renewable energy. Government may launch a tax policy for granting some companies to do environmental friendly businesses to motivate exporters and entrepreneurs. Moreover, government and tourism organization in Singapore should coordinate to launch tourism policy and support tourism industry as well for reaching the economic growth and export’s expansion.
