Psalm 47 is a hymn praising God for his kingship, that is his rule over all the earth. We praise God because of God’s promises to Abraham that all peoples will be blessed though him, Genesis 12:3.
1-4 – The LORD loved Israel and gave them the covenant blessings, but this was done so that all peoples of the world might come to fear and to love the God of Israel. The term clap your hands, all people is a poetic expression of exultation. Again, verse 2 uses the term the LORD, the Most High, El Elyon, the highest God over all the gods of the world.
5-7 – The psalmist now issues a call for all peoples to praise the God of Israel by voice and instrument.
8-9 – God reigns over all the nations. The psalm looks to a future time when the leaders of the nations will worship God as children of Abraham worshipped God.