The active introduction of 5G technologies in the countries of North-East Asian countries, Europe and the United States is due to the expected direct and indirect effects on the economy and social sphere. Nowadays, they implemented in agriculture, healthcare, industrial production, media, and financial services. The deployment of 5G networks has its own specifics, requires a certain infrastructure and administrative support. The article assesses the problems these countries often face when implementing 5G technology, and determines the prospects for their development in terms of the modern economy. The leading countries in technological development in the European Union - Germany and the Netherlands - have been identified as the object of the study. The article uses a mixed approach to research: SWOT analysis, assessment of the multiplier effect on economic development (GDP growth) and the labor market (creation of new jobs) when implementing 5G technologies. To understand the current state of 5G implementation in Germany and the Netherlands, strengths were identified, such as general economic dynamics, tax support, and growing demand. Among the problem areas, an imbalance of the labor market was revealed - unemployment in Germany, a shortage of labor resources in the Netherlands, dependence on the common policy of the European Union, rising inflation, interest rates, and others. The determination of the direct effect showed that the multiplier value is much higher in small countries, that is, they will receive the maximum effects from investments in 5G technologies. Whereby, the large countries achieve a high absolute increase in GDP and employment.