Quito, May 25 (IANS): Ecuador's new conservative president, Guillermo Lasso has called for national unity and promised democratic renewal.

"We will remain humble, we will rule for everyone, not just for a privileged sector," the conservative head of state said during his inauguration at the national parliament here on Monday.

"We are starting the fight to win back our democratic soul," Lasso, a former banker, asserted.

He said the time for autocratic leaders was over, reports dpa news agency.

Ecuador was recently rocked by tough political conflicts between leftist and right-wing forces.

Lasso won the presidential election in the South American country last month.

The 65-year-old stands for a liberal economic policy and wants to create jobs and attract foreign investors.

In terms of social policy, he represents conservative values.

Ecuador, which has around 17 million inhabitants, is in a deep economic crisis due to the drop in oil prices and the coronavirus pandemic.

Gross domestic product was down by 7.5 per cent last year.

Around one third of Ecuadorians currently live in poverty, and the proportion has increased significantly since the pandemic began.