But despite what Oxford Economics call a "creeping chill" spreading across eastern Europe, some of the region's largest economies have managed to keep stable as monetary policy remains accommodative and foreign direct investment and tourism improves.
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CNBC takes the economic pulse of emerging Europe:
Food producers across CEE in particular felt the sting of the crisis in Ukraine, after Russian authorities retaliated against Western sanctions imposed on Moscow by introducing a sweeping ban on imports of fruit and vegetable from the European Union.
Poland, the world's biggest apple producer, was hit particularly hard. It exports 438 million euros ($545 million) worth of the fruit in 2013, of which 56 percent went to Russia, according to country's Ministry of Agriculture.
Nevertheless, credit rating agency Moody's said Poland's economy had shown "resilience in times of stress" and the ratings firm said it expected to see continued recovery in the region. The country's gross domestic product grew by 2.0 percent in 2102, dipping to 1.6 percent last year, according to EU statistics service Eurostat.
"While Moody's expects the contribution of exports to weaken following Russia's ban on EU food imports, and investment momentum to marginally lose steam in (the second half of) 2014, it notes that domestic group's consumption will likely outweigh these factors," Marco Zaninelli, analyst at Moody's said in the annual Poland Credit Analysis report released on Friday.
Hungarian bank woes
Banks operating in Hungary have had a tough year. The government, led by Prime Minister Viktor Orban, imposed Europe's highest bank levy back in 2010 in response to poor regulation and the huge volume of foreign currency loans issued before the financial crisis.
Lenders have been hit with a series of penalties since then -- most recently in July when the government passed a law forcing banks to pay out compensation for the "unfair" conditions of these foreign currency loans.
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Share prices in lenders with large Hungarian loan books have been under pressure and look set for further struggles as Orban pledges to hold the banks "to account".
Austria's Raiffeisen Bank, one of the largest lenders in the region, has seen its shares fall around 35 percent so far this year. The bank made a 202 million euro net loss in the third quarter, mainly due to the 205 million euro charge imposed by the Hungarian government.