Heat the olive oil in a Dutch oven or pan on high heat. Add 1/2 of the seasoned diced lamb and brown all sides while stirring for 3 minutes. Remove it from the pot and set aside. Repeat with the other half.
1 tbsp olive oil
Add the diced onion, garlic, and bell peppers to the remaining fat. Sauté them while stirring for 2-3 minutes until they are starting to caramelize. Add the paprika powder, ground cumin, and tomato paste. Thoroughly combine everything.
Pour in the stock and reduce the heat to medium. Scrape any brown bits off the bottom. Add tomatoes, bay leaf, and the seared lamb. Stir to combine.
2 cups beef stock, 2 tomatoes, 1 dried bay leaf
Transfer everything from the pan to a casserole dish with a double layer of foil on top or simply put the Dutch oven in the oven with the lid on. The meat doesn't need to be fully submerged at this stage.
Cook for 2 hours. Add the diced potatoes and carrots. Stir to combine and cook for another hour.
2 carrots, 3 potatoes
Let the goulash rest for 15 minutes, remove the bay leaf, and season with salt and pepper to taste.
You can adjust the consistency with 1 tsp cornflour dissolved in warm water if you're after a thicker stew. Garnish with fresh parsley.
1 tbsp fresh parsley
Notes
Adjust consistency: If you prefer a thicker consistency, simply add 1 tsp of cornflour mixed in warm water or stock and bring it back to a boil to thicken the goulash.Storage: You can store the goulash in an airtight container in the fridge for 3 days. In fact, the flavor will develop further and the goulash will taste more intense in the next day or two. The recipe can be easily doubled or tripled and any leftovers store well in the freezer in an airtight container for up to 3 months. Simply defrost in the microwave, oven, or on the stove until fully heated through.