Mark Carney, former governor of the Bank of Canada, was elected leader of the Liberal Party of Canada on March 9, 2025, securing a decisive 85.9% of the vote. His victory positions him to become Canada’s 24th prime minister, marking a significant shift in the country’s political landscape.
Carney’s election follows the resignation of Prime Minister Justin Trudeau, who announced his departure in January 2025. Trudeau’s decision came amid political crises and a caucus revolt, bringing an end to his nearly ten-year tenure as the nation’s leader.
The 2025 Liberal Party leadership election, which took place from February 26 to March 9, saw Carney emerge as the frontrunner in a competitive race that included Deputy Prime Minister Chrystia Freeland. The contest centered on key issues such as trade tensions with the United States and domestic economic challenges, areas where Carney’s expertise in finance and economic policy played a pivotal role in his appeal to party members.
Despite never having held elected office, Carney brings a wealth of experience from his tenure as an economist and international financial leader. He previously served as the U.N. Special Envoy for climate action and finance and played an advisory role in Trudeau’s government during the COVID-19 pandemic. His leadership is expected to focus on economic stabilization, climate policy, and navigating Canada’s global financial relationships.
Carney is expected to be sworn in as prime minister in the coming days, after which he will appoint the 30th Canadian Ministry. His leadership will be immediately tested as he works to unify the party, address pressing economic concerns, and prepare for the upcoming national elections later in 2025..