In a small bowl whisk olive oil, red curry paste, and ¼ cup coconut milk. Heat a medium-sized sauté pan until hot. Add the curry mixture; sauté for one minute or until bubbly.
Add the beef, stir fry for one minute. Add the remaining coconut milk, fish sauce, sugar, paprika, lime juice, salt, and red pepper flakes; stir until combined. Add the pumpkin; reduce heat and simmer for 10-15 minutes or until pumpkin is tender. In a separate bowl, mix together cornstarch and water until it forms a paste. Whisk cornstarch mixture into the simmering sauce until thickened.