After months of speculation about his future, former Bank of Canada governor Mark Carney launched his campaign to replace Justin Trudeau as Liberal leader on Thursday with a promise to build the fastest-growing economy in the G7 if he's elected.

Canada’s ruling Liberal Party is searching for a new leader following Prime Minister Justin Trudeau's announcement on January 6 that he will step down.

Former Bank of Canada governor Mark Carney announced on Thursday that he was running to replace Prime Minister Justin Trudeau as leader of the ruling Liberal Party, saying he wanted to focus on the struggling economy.