Nothing to do with "outside". "Wait it out" means: wait till it ends, because you can do nothing until then. Wait out the economic crisis. Wait out the hurricane. My wife is in a bad mood....I'll just have to wait it out. If you can't change a situation, you have to wait it out and see what happens.

"Wait it out", doesn''t mean "Wait it outside". "Wait it out", means to be patient and wait until something/someone or some event/situation happens or resolves (comes to an end). That's what it means. Just to be patient, and not take action until you know more, or until thing happen in the future / things work themselves out without any of your intervention.

wait it out = wait until it's over