Mark Carney will be sworn in as Canada's next prime minister on Friday morning, marking the final day of Justin Trudeau's more than nine years in power.

Governor General Mary Simon will preside over the swearing-in of Carney and his cabinet ministers Friday at 11 a.m., her office said in a statement.

Carney, a former central banker who led the Bank of Canada and Bank of England, was elected leader of the Liberal Party of Canada on Sunday. He will become Canada's 24th prime minister.

Carney will take over at a tumultuous time in Canada, which is in the midst of a trade war with long-time ally the United States under President Donald Trump and must hold a general election soon.

Carney's new cabinet may be about half the size of Trudeau's executive, Bloomberg reported on Wednesday.

The cabinet is expected to have between 15 and 20 ministers, down from 37 currently including the prime minister, the report added, citing a source. (Reuters)