How does GMO affect the economy?

Could you elaborate on how genetically modified organisms (GMOs) influence the economy? I'm particularly interested in understanding the potential benefits and drawbacks they pose to agricultural sectors, food production, and consumer markets. How do GMOs affect farmers' livelihoods and the overall competitiveness of the agricultural industry? Additionally, are there any significant economic impacts on the environment and sustainability efforts? I'm also curious about the role of regulations and policies in shaping the economic landscape surrounding GMOs.