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Youthful businessman Nayib Bukele has assumed the presidency of El Salvador, ending more than a quarter century of two-party dominance in the crime-plagued Central America nation.

Dressed in a blue suit with no tie and accompanied by his wife Gabriela, the 37-year-old former mayor of San Salvador put his left hand on the Bible and swore to fulfill and enforce the laws of the country during his five-year term.

Thousands of Salvadorans in the Gerardo Barrios Plaza in the capital shouted: "Yes, it's possible! Yes, it's possible! Nayib president!"

El Salvador "has suffered greatly. It is a country that has had to rebuild; it has had earthquakes and corrupt governments and yet we continue move forward," Bukele said in his inaugural speech.