Heat pan over medium heat. Cook the beef with salt, black pepper, and flour. Cook until beef is browned on all sides.
Transfer the beef to a bowl, set it aside. Heat oil in the same pan, sautée onion, and garlic until fragrant.
Add cooked beef, beef broth, dried thyme, bay leave, and sugar. Turn the heat to low and simmer. After 15 minutes, add in potatoes and carrots and simmer again for 1 hour.
After 1 hour, turn off the heat and serve the beef stew in a bowl.
Enjoy!