Dust the beef stew meat with 2 tablespoons of cornstarch and season with salt and black pepper.
In a large pot or Dutch oven, heat the olive oil over medium-high heat.
Add the seasoned beef and sear it for about 5 minutes until browned.
Stir in the minced garlic and tomato paste and cook for 1-2 minutes until fragrant.
Pour in the beef broth and Worcestershire sauce, scraping up any browned bits from the bottom.
Add the potatoes, pearl onions, carrots, and celery into the pot.
Sprinkle in the sugar, dried basil, oregano, parsley, paprika, and allspice, stirring to combine.
Bring the mixture to a boil, reduce heat to low, and cover to simmer for 90 to 120 minutes.
Mix the remaining 2 tablespoons of cornstarch with the cold water in a small bowl.
Slowly pour this into the stew while stirring constantly until thickened.
Taste the stew and adjust seasoning if necessary. Serve hot.