A psalm of testimony to the world.
v1-3: God's blessings upon Israel, a testimony to all the nations. The world is blessed simply because of the presence of the people of God. The nations are invited to share in the blessing of knowing and praising God.
The intention was that Israel would walk in God's ways, and demonstrate God's ways to all the nations of the world. This was never intended to be the cold and detailed application of rules, but a joyful expression of the ways of God in and through the people of God. To this vision, other nations would flock..
Sadly, Israel rarely followed this path.
v4: Looking forward to Christ's rule; He will rule "justly."
v5: Repeating v3; the peoples will praise God, being under God's rule.
v6-7: Blessing on the earth; fruitfulness as the earth yields her increase; and faith and fear in the people.