Never mind SG50: Here’s a sneak peek of what SG100 will be like

Wealth inequality will remain a stubborn issue.

SG50 is right around the corner. But forget the Golden Jubilee for a moment--here's a plausible scenario of what Singapore will be like in another half a century, or when the nation reaches its centennial anniversary.

In his keynote address at the Singapore Economic Review Conference 2015, Monetary Authority of Singapore Managing Director Ravi Menon gave his conception of what Singapore is likely to become in 50 years.

The speech, delivered as though already in 2065, highlighted that a century-old Singapore will be richer, more productive and even cleaner.

By 2065, Singapore's GDP per capita is likely to hit US$120,000, fifth highest among cities in the world.

Singaporeans will also be expected to produce more output while working shorter hours. Singaporeans in 2065 are expected to work only 1,400 hours while generating three times as much income as in 2015. Carbon emissions will also be drastically reduced.

Income distribution will also become more equal, thanks to heavy investments in building human capital and skills as well as a tax and transfers system. However, wealth inequality will remain stubborn.

Although these scenarios are not official projections, Menon highlighted that restructuring is the way to go to help Singapore's economy reach these goals.

"It is a story of continuous restructuring, made possible by a judicious blend of the invisible hand of the market and the visible hand of good government. But the key non-economic factor that made this development journey possible is the culture of our people," Menon said.