Macroeconomic risk derives from the behavior of industries and governments and the relationships between them rather than from individual companies.
It concerns fiscal and monetary policies, trade and investment flows and political developments on a national and international scale. Business cycles, depressions, inflation, unemployment, interest rates, valuations, prices, and imports/exports volumes are all unpredictable and can lower or destroy the value of investment portfolios.
Central banks and governments often resort to inflationary policies and excessive fiat currency issuance through borrowing and printing. These macroeconomic maneuvers may possibly support or increase the nominal value of investment assets short term but can also lead to inflation and asset bubbles and later crashes.