Dust beef stew meat with 2 tablespoons cornstarch and season with salt and black pepper. In a large pot over medium-high heat, heat olive oil. Add beef stew meat, and sear until all sides are browned, about 5 minutes
Add in minced garlic and tomato paste and cook 1 to 2 minutes, until fragrant.
Pour in the beef broth and Worcestershire sauce to deglaze the pan. Add red potatoes, pearl onions, carrots, and celery. Season with salt, sugar, parsley, paprika, oregano, basil, black pepper, and allspice.
Bring to a boil over high heat, reduce heat to low and simmer, covered, for 90 minutes, stirring occasionally.
In a small bowl, mix together remaining 2 tablespoons cornstarch with 1/4 cup cold water. Stir until completely dissolved. Pour the mixture into the stew. Stir over low heat until stew thickens.
Season with more salt and pepper to taste. Serve hot.