Former central banker Mark Carney will step into the role of Canada’s next prime minister after securing a landslide victory in the Liberal Party leadership vote on Sunday, March 9, 2025. Carney, 59, won 85.9% of the vote, replacing Justin Trudeau, who announced his resignation in January following a tumultuous tenure.
Trudeau will remain in office until Carney is sworn in over the coming days, as the nation braces for a federal election and grapples with U.S. President Donald Trump’s tariffs.
A seasoned crisis manager, Carney steered Canada through the 2008 financial crisis as governor of the Bank of Canada, earning accolades for a recovery that outpaced many peers.
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In 2013, he made history as the first non-British citizen to lead the Bank of England since its founding in 1694, a tenure that won bipartisan praise in the U.K. for his steady hand during turbulent times.
The Liberal Party’s decisive choice reflects a shift from Trudeau, whose popularity waned amid soaring food and housing costs and a surge in immigration—issues the opposition Conservatives sought to pin on him in the looming election.
Trudeau’s January exit, after nearly a decade in power, opened the door for Carney, a political outsider with a global reputation, to take the helm.
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As Canada navigates Trump’s economic policy, Carney’s experience in high-stakes financial management positions him as a counterweight to the Conservative ambitions, led by Pierre Poilievre, who had hoped to frame the election as a referendum on Trudeau’s legacy.
With a federal vote required by October 20—and possibly sooner—Carney’s leadership will be tested quickly as he seeks to unify a rattled nation and fend off both domestic rivals and external pressures.
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