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Seems your server is not fit with jomsocial needs, please you check your server configuration and make sure fit with our requirments
documentation.jomsocial.com/wiki/System_Requirements
, especially this setting max_execution_time, max_input_time and memory_limit
I updated .ini file and it reflects the values in global configuration in Joomla but still site is very very slow. I talked to godaddy and they say every thing is fine from their end. Joomla admin is very fast making it clear that db connections are also fast. Please suggest some option to make it fast.