Is there any specific reason you're adding 40 in each iteration?
You can use a numeric display instead of a string display and format it to display relative time (right click it, Format & Precision, Relative Time). Then, either use a shift register and increment by 40 (that's 40 seconds) or, if you want the real time, place one ms counter outside the loop and another one inside, subtract to know how many ms passed since you started and divide by 1000 to get seconds.
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