One of the M&A drivers is market consolidation, which sometime happen on the background of macro-economic drivers. Population and per-capita changes in wealth drive consumption patterns and the underlaying market fundamentals of consumed goods and services. Therefore in industries sensitive to those macro factors, growth (or lack thereof) can stimulate M&A activities in that business.
Some macroeconomics drivers that have been seen in developed market are the need to diversify the economical sources through the acquisition of other international companies that are within the value chain of that acquirer wither this is foreword integration or backward integration and try to bring them to home land to increase localization and hence positive impact on GDP and unemployment. normally, such type is supported by the government.