MEXICO CITY, March 17 (Xinhua) -- Mexican President Andres Manuel Lopez Obrador on Sunday declared an end to the "nightmare" era of neoliberalism, which generated wealth, but only for a privileged few.

"For us, the nightmare of neoliberal policies is now over. We formally declare, from the National Palace, the end of neoliberal policies," Lopez Obrador told the participants of a three-day forum on the 2019-2024 National Development Plan.

Mexico now faces the task of building an alternative "post-neoliberal" model that will spur development and even "be an inspiration for other countries," he said.

The new model should not only ensure economic growth, but also the distribution of wealth, gender equality and fair treatment, including the youth and the elderly, he added.

"We are not going to have a rich government with poor people, that's why we will have an austere government," said Lopez Obrador, as the second largest economy in Latin America is currently suffering from high poverty rates and extreme inequality.

The 2019-2024 National Development Plan, which aims to improve wellbeing across the social spectrum and combat corruption, will be submitted to Congress by April 30 for debate.

Lopez Obrador, who took office in December last year, campaigned on a platform to fight corruption and poverty as a way to reduce crime and drug trafficking.

Gross domestic product (GDP) expanded by 2 percent in 2018 and the country is expected to see a similar growth rate in 2019.