Poland has moved up one notch in the 2017 Bloomberg Innovation Index, climbing to 22nd place from 23rd last year.
South Korea remains at the top of the international ranking of 78 economies, while Sweden has climbed one place to No. 2, pushing Germany down one notch to No. 3.
Russia has plunged 14 notches to No. 26, registering the biggest fall.
Poland is well ahead of other countries in Central and Eastern Europe in terms of innovation.
Hungary has moved up from No. 30 to 27, while the Czech Republic has advanced from 31st to 28th place.
The Bloomberg Innovation Index ranks economies using factors including research and development spending and the concentration of hi-tech public companies.