I will sing praises to your name.
It makes you wonder what came before this passage, doesn't it? If you know what came before this passage, then you know why the writer by inspiration says "I will sing praises to your name." Here is what comes before this verse:
Exalted be God, the Rock, my Savior!
48 He is the God who avenges me,
who puts the nations under me,
You exalted me above my foes;
from violent men you rescued me.
God did all those things for David, that's why he praised Him. So what has God done for you? Has he avenged you? Has he freed you from your enemies? Has he exalted you above your foes? Has he rescued you from violent men? Maybe. Or maybe not. He did that for David.
Has he given you health? Friends? Food? Clothes? A job? Children? A Family? Gifts? Abilities? Talents? Should I continue? Isn't it obvious?
17Every good and perfect gift is from above, coming down from the Father of the heavenly lights, who does not change like shifting shadows. (James 1:17)