By SVEN LUNSCHE

ECONOMISTS follow each others' forecasts like a wildebeest follows a gnu - there is general consensus on most of the major economic predictions which they are obliged to offer to stay in the news.

This unanimity of views enables economists to save face by being wrong together.

There is one noticeable exception to this trend - the country's capital account. Economists are surprisingly divided over the amounts foreign investors will channel into South Africa over the next few years. There are simply too many variables around - foreign exchange controls, future political and economic stability, the rand, privatisation and global trends.

The latest economist to venture a prediction is Syfrets's Sandra Gordon.

In an economic publication for her company, Gordon says net capital inflows should average R6-billion in 1997 as well as next year.

"First-quarter 1997 has been characterised by strong foreign portfolio inflows, attracted in particular by the high yields available in the local bond market," she explains. "More importantly, the privatisation programme has finally kicked off with the sale of 30% of Telkom. The programme's strong emphasis on foreign partners should provide an estimated R5-billion to R10-billion in privatisation proceeds this year."

She expects the net inflows to be partially offset by the easing of exchange control regulations, which should "prompt an outflow of capital as companies, institutions and individuals diversify and invest funds offshore".