On Wednesday, February 11, the Jan Koum Israel Studies Program (JKISP) at the Center on Democracy, Development and the Rule of Law hosted Karnit Flug, former Governor of the Bank of Israel, for a conversation moderated by JKISP director Amichai Magen. Examining the Israeli economy's current condition and long-term prospects, Flug argued that despite its demonstrated resilience, Israel faces expanding structural challenges that could undermine future growth, which she called "gray rhinos": highly probable but insufficiently addressed risks. They included slowing productivity, widening gaps in education and labor force participation, chronic underinvestment in infrastructure, and weakened governance and institutions. She discussed how demographic trends, such as the expanding share of the population receiving inadequate core education, threaten economic sustainability, and how political instability and erosion of institutional credibility discourage investment. Flug concluded that averting long-term economic stagnation requires renewed policy focus on education, institutional strength, infrastructure development, and inclusive growth.