Gitlab version 16.8.1 is Very Slow Post Upgrade

Hi,

We recently done gtilab upgrade from 13.3.9 to 16.8.1.
Post upgrade we are seeing slowness issues during merge request and UI access.

Also the CPU utlilization is going very high and load average is at between 45 & 90

The CPU we used 16 Core and RAM 32GB. The projects in the gitlab is around 7000, Groups around 5000 & Users around 2600.

Any suggestions/solution would be appreciated.