South Korea has ranked 20th among 132 countries in the 2010 Global Innovation Index.

Korea’s position was a seven-notch drop from last year. The index is compiled by the leading international business school INSEAD and the Confederation of Indian Industry (CII).

Iceland, which placed 20th last year, jumped to first owing to strong evaluations of education and infrastructure, while the U.S. tumbled from first to eleventh.

The index is a comprehensive evaluation of each country’s competitiveness, growth, and social welfare based on data released by the World Bank and the United Nations.