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This thread is resolved. Here is a description of the problem and solution.
Problem: We are now fully functional with WPML and happy with the product and its features. However, we suffer from slow loading of the pages. Therefore, we would like to get some ideas what you guys would recommend to improve it.
Solution: Please visit this link where you will find a list of compatible plugins validated by our compatibility team: https://wpml.org/documentation/plugins-compatibility/ In this list you will find Cache plugins that will help you with the performance of the site.