Brazil falls deep into recession.

Once a major economic success story, Brazil sank into recession. Its economy contracted 1.9% in the second quarter compared to the first. It was the second consecutive quarter of contraction.

Here are the major reasons why Brazil, is now in a recession:

1. Brazil's exports to China had exploded over the last decade. Now that China's economy is slowing, it needs fewer exports from Brazil. 

2. Brazil's state-run oil company, Petrobras, is in a massive corruption scandal tied to many members in Rousseff's political party. The large money-laundering scandal spans across oil, business and political leaders in the country. 

3. Prices for all of Brazil's key commodities -- oil, sugar, coffee, metals -- have tanked. Commodities are the engine behind Brazil's economy and they've lost value fast.

The recession comes as Brazilians are holding mass calling for Roussef's impeachment. Although corruption isn't new in Brazil, the scale of the Petrobras corruption is large. Petrobras officials said earlier this year that the company lost $2 billion just in bribes.