What does "Blessed be" mean in "Blessed be the name of the LORD". Psalm 113:2?

What does "Blessed be" mean in "Blessed be the name of the LORD". Psalm 113:2?

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Psalm 113:2

"Blessed be the name of the LORD From this time forth and forevermore". NKJV. My emphasis.

1. What is "blessed"; and what the name that is blessed?

Psalm 113:2 International Standard Version.

"May the name of the Lord be blessed".

2. Is "Blessed be" a statement of fact [e.g. It be a bright day today], or a possibility [e.g. I hope it may be a bright day today], a hope, an encouragement or a command?

3. Who or what does this blessing? In Psalm 113 are servants [v1], nations [v4] and Himself [v6]. Can sources of this blessing be referenced outside the Psalm itself?

4. "The train be/is in the station". Why? Because it arrived last week.

Does "be" tell us that it happened in the past?

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