South Korea, for example, is often viewed as gauge of export growth globally but last week it warned that exports slid 14.7 percent in August from a year earlier, suffering the biggest fall in six years.
Deutsche Bank forecasts emerging market economies to grow 4.1 percent this year, down from growth of 4.6 percent last year and 5 percent in 2013.
"It's bad enough from an external standpoint, with EMs caught between a tightening in U.S. monetary policy and sharp economic downturn in China," said Spiro. "What makes matters significantly worse is that domestic economic weaknesses are becoming more pronounced, particularly in Asia and Latin America."
Analysts said that while emerging markets were in stronger shape compared with the 1997-98 Asian financial crisis, sentiment was unlikely to improve for some time.
"As EM is seen as a commodity asset class and with now Asia under pressure from a possible future Chinese yuan depreciation, it will be hard to attract fresh inflows," said Efstathiou at Standard Bank.
"We therefore have more to go before we find the market bottom," he said.