Political, Economic Implications of Trudeau's Resignation

The impending resignation of Canadian prime minister Justin Trudeau, who has held the office since 2015, may have significant implications on the Canadian economy during an especially turbulent.

The announcement of his resignation came after the Deputy Prime Minister, Chrystia Freeland, resigned all of a sudden due to a political crisis. Because of the unpopularity of the liberal-dominated government, economic downturn as a result of boundless inflation, and an uncontrolled immigration crisis, Freeland decided to let go of her position before things got worse.

Then, Freeland's resignation led to Trudeau considering resignation for about two week following December 16th, with his ultimate decision being made on January 6th. Many pundits predicted this moment to happen with it ultimately becoming reality.

Trudeau, however, will not leave office until a successor is found. Most likely, the liberal party will conduct an open election internally, with a majority required to acquire a leader.

His announcement sent shockwaves across the globe, with it having heavy economic implications. As one of the largest producers of oil in the world, the price of oil could experience a massive downfall as consumers may be detracted from purchasing Canadian fuel. Canadian stocks will also continue to plummet as the political situation of the nation will become exacerbated.