Commcare Sync database connection error

I have configured a Postgres Database on my local machine and tried to run sync and landed into this error log(my database connection string is in this format: postgresql://username:password@localhost:5432/databasename)

2022-09-16 01:44:13,702 commcare_export.cli INFO CommCare Export Version 1.8.1

Traceback (most recent call last):

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/engine/base.py", line 2285, in _wrap_pool_connect

return fn()

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/base.py", line 363, in connect

return _ConnectionFairy._checkout(self)

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/base.py", line 773, in _checkout

fairy = _ConnectionRecord.checkout(pool)

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/base.py", line 492, in checkout

rec = pool._do_get()

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/impl.py", line 139, in _do_get

self._dec_overflow()

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/util/langhelpers.py", line 68, in exit

compat.raise_(

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/util/compat.py", line 178, in raise_

raise exception

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/impl.py", line 136, in _do_get

return self._create_connection()

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/base.py", line 308, in _create_connection

return _ConnectionRecord(self)

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/base.py", line 437, in init

self.__connect(first_connect_check=True)

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/base.py", line 657, in __connect

pool.logger.debug("Error on connect(): %s", e)

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/util/langhelpers.py", line 68, in exit

compat.raise_(

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/util/compat.py", line 178, in raise_

raise exception

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/pool/base.py", line 652, in __connect

connection = pool._invoke_creator(self)

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/engine/strategies.py", line 114, in connect

return dialect.connect(*cargs, **cparams)

File "/usr/local/lib/python3.8/site-packages/sqlalchemy/engine/default.py", line 490, in connect

return self.dbapi.connect(*cargs, **cparams)

File "/usr/local/lib/python3.8/site-packages/psycopg2/init.py", line 126, in connect

conn = _connect(dsn, connection_factory=connection_factory, **kwasync)

psycopg2.OperationalError: could not connect to server: Connection refused

Is the server running on host "localhost" (127.0.0.1) and accepting

TCP/IP connections on port 5432?

could not connect to server: Cannot assign requested address

Is the server running on host "localhost" (::1) and accepting

TCP/IP connections on port 5432?

Are you sure the database is running? The error output indicates that it can't connect to the DB on localhost port 5432.