Economic Impacts of Generative Artificial Intelligence: A Comprehensive Review of the Literature

Abstract

Generative Artificial Intelligence (GAI) has emerged as a pivotal force in the Industrial Revolution – 4.0, significantly enhancing productivity and innovation across diverse sectors. This literature review investigates the economic impact of GAI from both macro and micro perspectives, focusing on its influence on productivity, creativity, and technological advancement in various industries. Through bibliometric analysis from the Web of Science database, this study identifies key trends, geographic distribution, and research hotspots in this field. Content analysis finds that GAI technologies substantially boost efficiency and economic output while posing challenges related to ethical considerations and societal risks. This review attempts to bridge the research gap by providing a systematic review and induction of influencing factors in this field and highlights the transformative potential of GAI. Future research directions are proposed to address gaps in understanding the comprehensive economic impact of GAI, aiming to guide enterprises in leveraging these technologies for competitive advantage.