First let's look at the text of the Psalm in its entirety:
Hallelujah.
O servants of GOD, give praise;
praise the name of GOD.
Let GOD’s name be blessed now and forever.
From east to west GOD’s name is praised.
GOD is exalted above all nations;
God’s glory is above the heavens.
Who is like the ETERNAL our God—
the One who, enthroned on high,
sees what is below, in heaven and on earth?
[God] raises the poor from the dust,
lifts up the needy from the refuse heap
to set them with the nobles,
with the nobles of God’s people,
and sets the childless woman among her household as a happy mother of children.
Hallelujah.
Verse-by-verse walkthrough:
O servants of the LORD, give praise;
praise the name of the LORD.
The word "hallelu" means "praise him", and so in combination here we are told to praise Yah, for His servants to praise Him, and to praise His Name.
now and forever.
This is an example of a blessing of the Name of Adonay like His servants were just commanded to do, but why is His Name praised and blessed? The rest of the Psalm will explain.
the name of the LORD is praised.
This refers to the place where the sun rises, and either to the going down of the sun, or to the sun's rising again. We can interpret this one two levels. First, temporally, meaning all day or eternally in time; or geographically, meaning from east to west, or encompassing the entire sphere of human activity under the sun.
His glory is above the heavens.
Here we are told that God's glory resides above earth and its inhabitants, in heaven.
who, enthroned on high, sees what is below,
in heaven and on earth?
Moses asks in the Song of the Sea in Exodus 15:11 “Who is like thee, O Lord, among the gods?”, and here the Psalmist presses further, not only asking a similar question but then going on to answer it with reasons why Adonay is unique. Here we get the first part of why God's Name is so praiseworthy: though enthroned above even heaven itself in the highest heights, God chooses to humble Himself and lower Himself to look into the activities going on in heaven and earth. Why does He, a pure and holy God, humiliate and lower Himself to observe His creation?
The reason God's Name is so praiseworthy is not only that He chooses to humble Himself and lower Himself to observe His creation, but that He observes for the purpose of taking note of the needy, and further, He chooses to act to raise them out of their situation. This line shares intertextuality with Hannah's Song in 1 Samuel 2:8 “He raises the poor from the dust, Lifts up the needy from the dunghill, Setting them with nobles, Granting them seats of honor.”
as a happy mother of children.
Hallelujah.
And finally, He transforms the barren woman (like Hannah) into a mother of joyful children, this is something we see in Hannah's Song in 1 Samuel 2:5 “the barren woman bears seven” and also told in 1 Samuel 2:21, “And the Lord visited Ḥanna, so that she conceived, and bore three sons and two daughters.”
Interpretation (paraphrase):
Praise Yah!
Praise Him, servants of Adonay.
Praise the Name of Adonay.
The Name of Adonay is blessed
from this time and until all eternity.
From the rising of the sun,
to the re-entrance of the same:
His Name remains praised.
High above all nations,
the Glory of Adonay is above even the heavens!
Who is like Adonay our God,
who though enthroned in highest heights,
humbles and lowers Himself
to look into the heavens and into the earth?
He raises the poor from the dust,
His Arm lifts the needy from the trash heap,
to seat them with nobility,
with the princes of His people.
He transforms the barren woman of the house
into a mother of joyful sons.
Praise Yah!
Related texts:
מִֽי־כָמֹ֤כָה בָּֽאֵלִם֙ יְהֹוָ֔ה מִ֥י כָּמֹ֖כָה נֶאְדָּ֣ר בַּקֹּ֑דֶשׁ נוֹרָ֥א תְהִלֹּ֖ת עֹ֥שֵׂה פֶֽלֶא׃
Who is like thee, O Lord, among the gods? Who is like thee, glorious in holiness, fearful in praises, doing wonders?
וַתִּתְפַּלֵּ֤ל חַנָּה֙ וַתֹּאמַ֔ר עָלַ֤ץ לִבִּי֙ בַּֽיהֹוָ֔ה רָ֥מָה קַרְנִ֖י בַּֽיהֹוָ֑ה רָ֤חַב פִּי֙ עַל־א֣וֹיְבַ֔י כִּ֥י שָׂמַ֖חְתִּי בִּישׁוּעָתֶֽךָ׃ אֵין־קָד֥וֹשׁ כַּיהֹוָ֖ה כִּ֣י אֵ֣ין בִּלְתֶּ֑ךָ וְאֵ֥ין צ֖וּר כֵּאלֹהֵֽינוּ׃ אַל־תַּרְבּ֤וּ תְדַבְּרוּ֙ גְּבֹהָ֣ה גְבֹהָ֔ה יֵצֵ֥א עָתָ֖ק מִפִּיכֶ֑ם כִּ֣י אֵ֤ל דֵּעוֹת֙ יְהֹוָ֔ה (ולא) [וְל֥וֹ] נִתְכְּנ֖וּ עֲלִלֽוֹת׃ קֶ֥שֶׁת גִּבֹּרִ֖ים חַתִּ֑ים וְנִכְשָׁלִ֖ים אָ֥זְרוּ חָֽיִל׃ שְׂבֵעִ֤ים בַּלֶּ֙חֶם֙ נִשְׂכָּ֔רוּ וּרְעֵבִ֖ים חָדֵ֑לּוּ עַד־עֲקָרָה֙ יָלְדָ֣ה שִׁבְעָ֔ה וְרַבַּ֥ת בָּנִ֖ים אֻמְלָֽלָה׃ יְהֹוָ֖ה מֵמִ֣ית וּמְחַיֶּ֑ה מוֹרִ֥יד שְׁא֖וֹל וַיָּֽעַל׃ יְהֹוָ֖ה מוֹרִ֣ישׁ וּמַעֲשִׁ֑יר מַשְׁפִּ֖יל אַף־מְרוֹמֵֽם׃ מֵקִ֨ים מֵעָפָ֜ר דָּ֗ל מֵֽאַשְׁפֹּת֙ יָרִ֣ים אֶבְי֔וֹן לְהוֹשִׁיב֙ עִם־נְדִיבִ֔ים וְכִסֵּ֥א כָב֖וֹד יַנְחִלֵ֑ם כִּ֤י לַֽיהֹוָה֙ מְצֻ֣קֵי אֶ֔רֶץ וַיָּ֥שֶׁת עֲלֵיהֶ֖ם תֵּבֵֽל׃ רַגְלֵ֤י חֲסִידָו֙ יִשְׁמֹ֔ר וּרְשָׁעִ֖ים בַּחֹ֣שֶׁךְ יִדָּ֑מּוּ כִּי־לֹ֥א בְכֹ֖חַ יִגְבַּר־אִֽישׁ׃ יְהֹוָ֞ה יֵחַ֣תּוּ מְרִיבָ֗ו עָלָו֙ בַּשָּׁמַ֣יִם יַרְעֵ֔ם יְהֹוָ֖ה יָדִ֣ין אַפְסֵי־אָ֑רֶץ וְיִתֶּן־עֹ֣ז לְמַלְכּ֔וֹ וְיָרֵ֖ם קֶ֥רֶן מְשִׁיחֽוֹ׃
And Hannah prayed:
My heart exults in the LORD;
I have triumphed through the LORD.
I gloat over my enemies;
I rejoice in Your deliverance.
There is no holy one like the LORD,
Truly, there is none beside You;
There is no rock like our God.
Talk no more with lofty pride,
Let no arrogance cross your lips!
For the LORD is an all-knowing God;
By Him actions are measured.
The bows of the mighty are broken,
And the faltering are girded with strength.
Men once sated must hire out for bread;
Men once hungry hunger no more.
While the barren woman bears seven,
The mother of many is forlorn.
The LORD deals death and gives life,
Casts down into Sheol and raises up.
The LORD makes poor and makes rich;
He casts down, He also lifts high.
He raises the poor from the dust,
Lifts up the needy from the dunghill,
Setting them with nobles,
Granting them seats of honor.
For the pillars of the earth are the LORD’s;
He has set the world upon them. He guards the steps of His faithful,
But the wicked perish in darkness—
For not by strength shall man prevail.
The foes of the LORD shall be shattered;
He will thunder against them in the heavens.
The LORD will judge the ends of the earth.
He will give power to His king,
And triumph to His anointed one.