Coat the beef stew meat with 2 tablespoons cornstarch, then sprinkle salt and black pepper over it.
Heat olive oil in a large Dutch oven or heavy pot on medium-high heat, add the beef, and cook until all sides are evenly browned, about 5 minutes, stirring often.
Add minced garlic and tomato paste to the pot, stirring and cooking until the mixture becomes fragrant, about 1 to 2 minutes.
Pour in the beef broth and Worcestershire sauce, scraping the skillet bottom to loosen browned bits. Then add the red potatoes, pearl onions, carrots, and celery. Sprinkle in sugar, basil, oregano, parsley, paprika, and allspice, mixing everything well.
Bring the stew up to a vigorous boil over high heat, then lower the heat to a simmer. Cover the pot and let it cook gently for 90 to 120 minutes, stirring occasionally, until the beef is very tender.
Combine the remaining 2 tablespoons cornstarch with cold water in a small bowl, stirring until smooth. Slowly stir this slurry into the stew, continuing to cook on low heat until the broth thickens, just a few minutes.
Taste the stew and adjust salt and pepper if needed. Serve it hot and enjoy.
