I’m trying to connect to my postgres (v16.3) database using a nodejs app (v20.15.0), both running locally but it throws an error.

import pg from 'pg';

const db = new pg.Client({
  user: "postgres",
  host: "localhost",
  database: "world",
  password: "123456",
  port: 5432
});

db.connect();
let quiz = [];
db.query("SELECT * FROM capitals", (err, res) => {
  if (err)
    console.log("error executing query", err.stack);
  else
    quiz = res.rows;
})
db.end()

node:internal/process/promises:391
    triggerUncaughtException(err, true /* fromPromise */);
    ^
Error: connect ECONNREFUSED 127.0.0.1:5432
    at TCPConnectWrap.afterConnect [as oncomplete] (node:net:1606:16) {
  errno: -111,
  code: 'ECONNREFUSED',
  syscall: 'connect',
  address: '127.0.0.1',
  port: 5432
}

I checked database configuration and authorized firewall for all tcp traffic on that port, I tried connecting to the database using psql and PgAdmin both work just fine.
I cannot understand what’s causing this error.