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The WordPress Core Performance Team is a relatively new addition to the roster of WordPress teams. Just like the Sustainability Team, it hasn’t been around for that long.
Partially, that’s because performance used to be a high priority for the WordPress community to address. Performance was mostly outsourced to hosting providers and plugins. Plus, there are so many things that users can do themselves to speed up WordPress websites.
However, reports started piling up that WordPress was being left in the dust by competitors. As a consequence, the community decided that it was time to make WordPress core performance a stronger priority. Josepha Haden-Chomphosy also mentioned this at WordCamp Europe 2023