Traditionally, researchers have investigated the effect of intrinsic variables such as labour, capital and human capital on economic growth. However, the positive effect of intrinsic variables is reversed by countervailing extrinsic variables such as corruption, armed conflict and political regime, which have not been examined much by existing literature. This study empirically examines the impact of intrinsic and extrinsic variables on economic growth. We apply several estimation techniques using a 2000–09 balanced panel data for ASEAN countries. The study finds that both intrinsic and extrinsic determinants of economic growth are significant. However, countervailing effects of extrinsic variables are documented for growth in ASEAN countries. Corruption and armed conflict have a statistically significant and negative relationship with economic growth in ASEAN countries, whilst political regime is found to be statistically insignificant.