Coat and Season Beef:
Coat 2 lb beef stew meat with 2 tbsp cornstarch and season using 1 tsp salt and 1/4 tsp black pepper.Sear Beef in Oil:
Warm 2 tbsp olive oil in a large pot or Dutch oven over medium-high heat. Add the coated beef and sear for roughly 5 minutes, turning often, until browned on all sides.Sauté Garlic and Tomato Paste:
Mix in 2 cloves minced garlic and 2 tbsp tomato paste. Sauté for 1-2 minutes until aromatic.Deglaze and Add Vegetables:
Deglaze the pan by pouring in 4 cups beef broth and 1/4 cup Worcestershire sauce, scraping up any browned bits. Add the potato chunks, pearl onions, carrot slices, and celery slices. Stir in 1 tsp granulated sugar, 1/2 tsp dried basil, 1/2 tsp dried oregano, 1/2 tsp dried parsley, 1/2 tsp paprika, and 1/4 tsp ground allspice. Mix thoroughly.Simmer Until Tender:
Raise heat to high and bring the stew to a boil, then lower to low heat. Cover and let simmer for 90 to 120 minutes, stirring from time to time, until the beef becomes tender.Thicken with Cornstarch Slurry:
Combine the remaining 2 tbsp cornstarch with 1/4 cup cold water in a small bowl, stirring until fully dissolved. Gradually add the slurry to the stew while stirring constantly. Continue cooking on low for several minutes until the stew thickens.Adjust Seasoning and Serve:
Check seasoning and add more salt and pepper if desired. Serve hot.